Study Of The Impact Of Controlling Shareholder On Cash Dividends Policy Of Chinese Listed Companies

The problem between controlling shareholder and the cash dividends policy has been a boiling issue in our stock market. Combining the present theories developing trend and domestic and foreign researches, on the basis of interpretation of controlling shareholder and dividend policy, this paper expands and deepens the research results about controlling shareholder and the cash dividend distribution policy in the special situation of China.Firstly, on the basis of absorption and synthesis the literature, this paper backdates the dividend theories skeleton and development, and analyzes the research actualities about the topic of the controlling shareholder and dividend policy. Afterward, analyzes the features of the controlling shareholder and cash dividend policy of listed companies, and proposes the hypothesis. Then this paper selects 3042 and 2019 listed companies between 2004 and 2008 as samples, from the character of the controlling shareholder, control right and separating extent of tow rights, respectively, using Logistic regression analysis and multiple linear regression analysis to carry on empirical research on the impact of controlling shareholder on cash dividend distribution trends and degree.The results showed that the character of the controlling shareholder can significantly affect the trends and degree of cash dividend distribution, and state-controlling listed companies are more willing to pay cash dividends than non-state-controlling companies, but the state-owned holding company's cash dividend distribution degree lower than the non-state-owned holding company. With the increasing controlling right proportion of controlling shareholder, there is a"U"style of cash dividends paid ratio. The separating extent of ownership and controlling right also significantly affect the trends and degree of cash dividend distribution, and the greater of the separating extent, the trends and degree of cash dividend distribution of listed companies are lower, but with the increasing percentage of ownership right, listed companies trend pay more cash dividends.